The predictive analytics solution is capable of reducing operational issues and the risk of fires caused by thermal runaway events, Gore Street said.
The artificial intelligence (AI)-based software has been integrated into two of Gore Street’s UK project sites: the 80 MW Stony project powered on last summer and is optimized on the market by EDF; and Lower Road, a 10 MW project brought online in 2020 and is powered by Arenko.
A source close to the Gore Street Energy Storage Fund said Energy-storage.news that this is likely the first deal of its kind in the UK to leverage an analytics solution to achieve better insurance terms. With insurance costs for battery energy storage systems (BESS) currently quite high, the deal could “create ripples” in the industry, the source said.
The technology was trialled at both sites in 2022, and is also expected to be used on another project, the 50MW Ferrymuir BESS asset which Gore Street acquired in 2020 and is currently under construction.
Deal ‘will ultimately bring greater value to investors,’ says broker
As regular readers of Energy-storage.news Through our coverage and various articles and webinars from ACCURE and other analytics providers TWAICE and PowerUp, battery data analysis allows for deeper analysis. understanding battery performance, operation and safety.
Cloud-based solutions enable much better estimation of battery health and life, using millions of cell-level data points to assess State of Health (SOH), state of charge (SOC), internal temperature, etc. They do this by overlaying information from forecasts, modeling and field data with AI to detect irregular behaviors in battery cells and diagnose problems as well as recommend corrective actions where it is needed.
In a recent interview for ESN PremiumKai-Philipp Kairies, CEO of ACCURE, explained how the company’s analytics were used on a project in Texas, USA, to troubleshoot developer National Grid Renewables during the implementation process. service.
The software company was then contracted to monitor the performance of this project once it was in commercial operation, and its data and track record in fire prevention for different types of battery installations was also instrumental in gaining local community support for BESS project, Kairies said.
Specialist insurer HDI Global, ACCURE and Gore Street have entered into an agreement to use predictive analytics to create the risk-managed insurance policy for Lower Road and Stony.
HDI Global’s technology innovation arm has developed a joint business model with the analytics provider that claims to increase risk transparency. The insurer’s risk consulting business then determined that the insurance package Gore Street obtained for its projects needed to take into account the improved visibility into performance and security enabled by the software.
“We are delighted to offer this bespoke policy to Gore Street Capital, which recognizes the benefits of combining better risk management, performance, security, revenue and costs for its energy storage portfolio to deliver ultimately greater value to investors,” said Andrew Sinclair of PIB insurance brokers, who sold their cover to Gore Street.
Gore Street Energy Storage Fund is one of three UK listed funds dedicated to energy storage assets, investing in grid-scale front-of-the-meter (FTM) storage projects. It started in the UK, before also acquiring projects in Ireland, Germany and the Texas ERCOT market, while its first project in California on the CAISO grid is currently under construction.
“As the manager of a market-leading portfolio of energy storage assets, we are always looking for new approaches to help improve the security and operations of the assets in our care,” he said. said Alex O’Cinneide, CEO of Gore Street Capital.
“We are proud to have helped establish battery analysis software as a valuable way to assess and reduce risk to achieve improved insurance terms.
These efforts will be the focus of an upcoming Energy-Storage.news webinar sponsored by ACCURE. You can register for free at “Find out how insurance innovations are unlocking the full potential of battery storage systems” will take place on May 15.
Read more about Energy-Storage.news’ coverage of activities in the field of battery analysis.
